Hinge Health (NYSE:HNGE) Now Covered by Analysts at Bank of America

Stock analysts at Bank of America assumed coverage on shares of Hinge Health (NYSE:HNGE) in a research report issued on Tuesday, MarketBeat reports. The firm set a “buy” rating and a $110.00 price target on the stock. Bank of America‘s price target indicates a potential upside of 17.31% from the stock’s current price.

Several other equities analysts have also recently issued reports on HNGE. Piper Sandler reissued an “overweight” rating on shares of Hinge Health in a research note on Wednesday, June 10th. Wells Fargo & Company raised their target price on shares of Hinge Health from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. KeyCorp boosted their price target on Hinge Health from $90.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Morgan Stanley lifted their price target on Hinge Health from $72.00 to $108.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Finally, Truist Financial raised their price objective on shares of Hinge Health from $85.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $104.13.

Hinge Health Trading Up 1.4%

Shares of Hinge Health stock traded up $1.32 on Tuesday, reaching $93.77. The stock had a trading volume of 221,045 shares, compared to its average volume of 1,578,015. The business’s 50 day moving average is $87.36 and its two-hundred day moving average is $67.98. Hinge Health has a 1 year low of $30.08 and a 1 year high of $97.95. The company has a market cap of $7.57 billion, a P/E ratio of 73.68 and a beta of 1.38.

Hinge Health (NYSE:HNGE) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.31. Hinge Health had a return on equity of 51.60% and a net margin of 15.15%.The company had revenue of $212.82 million during the quarter. During the same period in the prior year, the business posted $0.59 EPS. Hinge Health’s quarterly revenue was up 53.0% on a year-over-year basis. On average, equities analysts anticipate that Hinge Health will post 1.25 EPS for the current fiscal year.

Insider Transactions at Hinge Health

In other Hinge Health news, CFO James Budge sold 55,561 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $89.45, for a total value of $4,969,931.45. Following the transaction, the chief financial officer directly owned 349,062 shares in the company, valued at $31,223,595.90. This represents a 13.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Perez sold 150,000 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $89.44, for a total transaction of $13,416,000.00. Following the transaction, the chief executive officer owned 35,470 shares in the company, valued at approximately $3,172,436.80. This represents a 80.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,282,266 shares of company stock worth $115,210,099. 18.92% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in HNGE. IFP Advisors Inc grew its stake in shares of Hinge Health by 140.0% in the 2nd quarter. IFP Advisors Inc now owns 324 shares of the company’s stock valued at $27,000 after buying an additional 189 shares during the period. Janney Montgomery Scott LLC lifted its holdings in Hinge Health by 3.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 9,400 shares of the company’s stock worth $362,000 after buying an additional 300 shares during the last quarter. Nykredit A S acquired a new position in Hinge Health in the second quarter valued at approximately $29,000. Lazard Asset Management LLC increased its stake in Hinge Health by 0.6% in the first quarter. Lazard Asset Management LLC now owns 63,705 shares of the company’s stock valued at $2,456,000 after purchasing an additional 386 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Hinge Health during the fourth quarter worth approximately $26,000.

About Hinge Health

Hinge Health, Inc is a digital health company focused on musculoskeletal care. The company provides virtual programs designed to help people manage and improve conditions affecting the back, joints and other areas of the musculoskeletal system, with the goal of supporting conservative care and reducing the need for more invasive treatment.

Its platform combines personalized exercise therapy, digital tools, clinical guidance and behavioral support. Depending on the program, members may use the Hinge Health mobile application, wearable motion sensors and remote care from physical therapists, health coaches and other clinicians.